R&Q Insurance Holdings, (R&Q) the Bermuda-based non-life speciality insurer that focuses on program management and legacy insurance business, announced it has agreed to sell its stake in a joint venture with Obra Capital for $30 million.
At the same time, R&Q revealed it anticipates “a significant pre-tax loss” for 2023, which it blamed on adverse development in its legacy business and “a material increase in corporate costs” related to the p